5152 Forest Glenn Dr · Spring Hill, FL 34607

$89,900

2 bd · 2.0 ba · 1,188 sqft · Manufactured public records · 266 Days on market

Built 1993 $220/mo HOA ↓ 38% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.5/30.0
• ARV discount +15.0/15.0
• 1% rule +9.7/10.0
• DSCR +9.6/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Exceptional Value in Forest Glenn – Priced to Sell! Bring your vision and make this spacious home your own while staying below market value. Seller has recently adjusted pricing to reflect future flooring updates, creating an incredible opportunity for buyers looking to customize and build instant equity. Best of all, the $40,000 Co-Op Share is included in the purchase price and there’s NO lot rent! This 3-bedroom, 2-bath home offers the lowest price-per-square-foot opportunities in the highly desirable Forest Glenn community. The spacious split-bedroom floor plan features an open living and dining area, indoor laundry, and a bright all-seasons porch perfect for relaxing year-

Key facts

• Open floor plan
• Walk-in closet
• Upgraded kitchen

Tags

• ALL-SEASONS PORCH
• OPEN FLOOR PLAN
• UPGRADED KITCHEN
• AMPLE CABINET SPACE
• PANTRY FOR STORAGE
• WALK-IN CLOSET

Property features AI

Finance

• Other: Total living area approximately 1,188 sq ft; Lot approximately 0.13 acre (0 to less than 1/4 acre); Paved road access
• Financial info: Lease restrictions apply
• HOA & community: HOA (Patty) with required approval; Monthly HOA fee $220; Association amenities: Clubhouse, Storage; Community features: Clubhouse, Community mailbox, Pool, Golf carts allowed, Buyer approval required, Senior community; Pets allowed with breed and number restrictions

Exterior

• Parking: Has carport (1 space)
• Utilities: Public water; Public sewer; Electricity connected; Cable available
• Home design: Manufactured double-wide home; Single-story; Faces east; Residential property
• Construction: Vinyl siding; Shingle roof; Crawlspace foundation; Built as a manufactured home (double wide)
• Exterior features: Sidewalk; Exterior storage

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Ceiling fans; Split bedroom floor plan; Thermostat
• Laundry & utility: Inside laundry; Washer; Dryer

🏢 Co-op / cooperative unit. The $89,900 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 4.4% in Spring Hill — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 63/100 on livability (#738 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Hernando (suburban): math 50% / reading 50% proficiency, ranked #38 of 73 in FL (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 347 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Hernando County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 266 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 266 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.68%
• DSCR: 1.56
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $125,928
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5112 Forest Glenn Dr	0.12mi	2/2.0	1,272 (+7%)	2mo	$135,000	$106	81
5177 Forest Glenn Dr	0.06mi	2/2.0	1,302 (+10%)	1mo	$123,000	$94	80
5151 Forest Glenn Dr	0.03mi	2/2.0	1,296 (+9%)	19mo	$192,000	$148	68

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $2,483
• Equity at exit: $13,404

10-year hold

• IRR: 12.2%
• Equity multiple: 1.97×
• Total profit: $24,434
• Equity at exit: $7,773

Cash invested: $25,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 34607

• Home prices YoY: -9.1%
• Active inventory: 347
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,318 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$46 /mo · $552/yr
• Insurance: −$37
• HOA: −$220
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $266

Break-even live

Break-even rent $981

Max offer price $89,900

Occupancy floor 75%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6334 Talbot Cir Spring Hill, FL	2.0	1.0	766	$1,340	$1.75	24d	1	1.39mi
6334 Talbot Cir Spring Hill, FL	2.0	1.0	766	$1,295	$1.69	4d	1	1.39mi

HOA detail

• Monthly dues: $220 · $2,640/yr

Listing history 20 events

1. 2026-06-18
   days on market $89,900 Active 266 DOM
2. 2026-06-17
   days on market $89,900 Active 265 DOM
3. 2026-06-16
   days on market $89,900 Active 264 DOM
4. 2026-06-15
   days on market $89,900 Active 263 DOM
5. 2026-06-13
   days on market $89,900 Active 261 DOM
6. 2026-06-13
   days on market $89,900 Active 260 DOM
7. 2026-06-09
   days on market $89,900 Active 257 DOM
8. 2026-06-08
   days on market $89,900 Active 256 DOM
9. 2026-06-07
   days on market $89,900 Active 255 DOM
10. 2026-06-04
    days on market $89,900 Active 252 DOM
11. 2026-06-03
    days on market $89,900 Active 251 DOM
12. 2026-06-02
    days on market $89,900 Active 250 DOM
13. 2026-06-01
    days on market $89,900 Active 249 DOM
14. 2026-05-31
    days on market $89,900 Active 248 DOM
15. 2026-05-08
    price $89,900
16. 2026-05-07
    price $94,900
17. 2026-03-30
    price $99,900
18. 2026-02-19
    price $119,900
19. 2025-11-12
    price $125,000
20. 2025-09-25
    listed $145,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $552 · $46/mo
• Projected year-2 tax: $746 · $62/mo
• Expected delta: +$194/yr (+$16/mo · 35.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,810
• − Mortgage interest: −$5,036
• − Property taxes: −$552
• − Insurance: −$450
• − Repairs & maintenance: −$1,265
• − Management: −$1,265
• − HOA: −$2,640
• − Depreciation: −$2,615
• Taxable income: $1,988
• Est. tax owed @ 24.0%: −$477
• After-tax cash flow: $2,714/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hernando
• NCES district ID: 1200810
• Math proficiency: 50% ▼ -8.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $41,985
• Composite: 42.03/100
• National rank: #3329
• State rank: #38 of 73 in FL

Livability — Spring Hill

• Score: 63/100
• State rank: #738
• US rank: #15937

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment D+ Housing A+ Health & safety C- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 83,915
• Population (ZIP): 9,046

Population outlook (Hernando County) Hauer SSP2

• Today (2025): 189,218 people
• By 2030: 194,367 · +2.7%
• By 2040: 203,398 · +7.5%
• By 2050: 209,589 · +10.8%
• By 2075: 218,452 · +15.4%
• By 2100: 205,923 · +8.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 14% Two or more races 6% Black 2%
• Hispanic origin (detail): Puerto Rican 8% Cuban 2%
• Common ancestry: Romanian 4% Lithuanian 3% Iranian 2%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 7% Arabic 1% German/W. Germanic 1%

Political lean MEDSL · Hernando

• 2024 margin: Solid R (+37.0) · D 31.1% · R 68.2%
• 2008→2024 swing: -33.5pp toward R · 2008: -3.6pp · 2024: -37.0pp
• All cycles: 2024: R+37.0 2020: R+30.2 2016: R+29.0 2012: R+8.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.89%
• Current HPI: 567.35
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-38.0% since first listed

6 events — show timeline

• 2026-05-08 Price Changed $89,900 Stellar MLS as Distributed by MLS Grid
• 2026-05-07 Price Changed $94,900 Stellar MLS as Distributed by MLS Grid
• 2026-03-30 Price Changed $99,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-19 Price Changed $119,900 Stellar MLS as Distributed by MLS Grid
• 2025-11-12 Price Changed $125,000 Stellar MLS as Distributed by MLS Grid
• 2025-09-25 Listed $145,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+7.5%/yr

Latest (2025): $552 · +0.8% YoY. Source: county tax records.